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27 Sep 2019, Radoslav Yordanov, EMIS Editor

Brazil’s c-bank raises 2019 GDP forecast

Brazil’s central bank (BCB) raised its 2019 GDP forecast by 0.1% to 0.9%, CEEMarketWatch reported. The monetary authority projected that country’s economic growth would accelerate in Q4 underpinned by the release of resources from the Severance Indemnity Fund for Employees (FGTS) and the Social Integration Program (PIS/Pasep). 

The upward revision was also motivated by the expectations for stronger domestic demand. In this regard, the BCB also raised its private consumption forecast by 0.2% to 1.6% and cut its estimates for 2019 inflation to 3.3% from 3.6%. 

Regarding direct investment inflows this year, the central bank lowered its projection by USD 4.5bn to USD 75bn. 

The monetary authority warned that its 2019 GDP forecast depends on the approval of crucial reforms. 

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Original source: CEEMarketWatch